la·tent adjective \ˈlā-tənt\
present and capable of emerging or developing but not now visible, obvious, active, or symptomatic <a latent infection>
In lieu of Infographic Friday we’re going with SlideShare Friday and a presentation developed by Richard S. Granat titled: The Latent Market for Legal Services. While the presentation was published in December 2013, we first heard about it during one of the presentations at LexThink.1.
The presentation’s thesis is as follows:
There is a 45 billion latent market for legal services waiting to be served. This market represents the legal needs of low and moderate income individuals and families who cannot afford the existing high cost of legal fees.
Citing several sources, Mr. Granat says the American consumer accounts for about one-third of the total U.S. legal services market which is roughly $145 billion. This this latent market represents an additional $45 billion opportunity when the average citizen is tapping online legal resources rather than consulting an attorney.
The full presentation rather compelling is embedded below and runs just 13 slides.
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